Mixed start for Bursa as traders push up small caps

TheStar Wed, Feb 10, 2021 09:40am - 2 months ago

KUALA LUMPUR: Bursa Malaysia put up a mixed performance early Wednesday while there was rotational play among small capitalised stocks chased up by speculators in the absence of strong positive news.

At 9.28am, the FBM KLCI was up 3.72 points or 0.23% to 1,589.85. Turnover was 807.58 million shares valued at RM484.52mil. There were 333 gainers, 331 losers and 368 counters unchanged.

Meanwhile, Bloomberg reported the global equity rally stalled as investors mulled the potential for a stimulus-fuelled rebound to trigger destabilising inflation. The dollar steadied after an overnight decline.

Stocks dipped in Japan and were little changed in Australia and South Korea. S&P 500 futures fluctuated after the benchmark halted a six-day winning streak and edged back from an all-time high.

Meanwhile, Rakuten Trade expects buying momentum on Bursa to continue after breaking out from its consolidation yesterday.

“We should see the KLCI testing 1,590 thereafter around the 1,595 level today amid some degree of volatility as sentiments on glove counters remain rather fragile,” it said.

On crude oil prices, it expected them to remain resilient with the Brent crude now firmly above the US$60 level and it expects it to possibly touch the US$65/barrel this year.

At Bursa on Tuesday, local retail investors remained confident of the local stock market and they were net buyers at RM26.7m but local institutions were net sellers at RM18.1mil and foreign funds at RM8.6mil.

Among the bigger capitalised stocks, Nestle rose 50 sen to RM137.80 with 1,200 shares done and F&N 14 sen to RM30.56 with just 100 shares traded.

Widetec jumped 23 sen to 93 sen, Ken 20 sen to 72.4 sen, Paragon 16 sen to RM1.18.

Ann Joo and Cymao gained 14 sen each to RM1.79 and RM1.84.

CGB was the top loser, down 19 sen to RM1.11, Knusford 12 sen to 81 sen, Hightec 10 sen to RM2.26, FPGroup 9.5 sen to 95.5 sen and EG nine sen to 83.5 sen.

Unisem fell 11 sen to RM8.57, Microlink and Genetec 10 sen each to RM2.50 and RM4.29 while Revenue Group lost nine sen to RM1.67.

Related Stocks

ANNUM 1.130
BURSA 8.450
NESTLE 136.000
UNISEM 7.590


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